With an FHA-insured loan, you may find it easier to qualify and get a great interest rate
The federal government insures FHA loans for lenders, so they offer advantages over other types of loans.
Because the FHA insures your mortgage, Their guidelines make it easier for you to qualify. This makes FHA loans a good option for people who don’t have perfect credit or haven’t built up much of a credit history.
An FHA loan must be used to finance your primary residence, so you can’t use it to finance an investment property that you rent out to someone else.
With an FHA loan, you need to put down a minimum of 3.5% of the purchase price. The money can come from a family member as a gift.
If you want to buy a home within the next few months, then it’s a good idea to get preapproved. Preapproval shows the seller that you’re serious about buying and you have the funds you need to make a purchase. If you’re searching for a home in a competitive market, preapproval makes your offer more attractive to sellers and gives you a critical advantage over other potential buyers.
While many lenders cancel their preapprovals after 90 days, there’s no expiration date on ours. If any of the documents in your credit approval file are out of date, we’ll offer you the opportunity to update them so that you can keep your preapproval in place.
Your credit score affects the interest rate you qualify for when you apply for a mortgage. With a higher credit score, you can usually qualify for a lower interest rate, which lowers your monthly payment and reduces the overall cost of your loan.
However, because the federal government insures FHA loans for lenders, you may still qualify for an FHA loan, even if you don’t have a great credit score.
If you’re not sure what your credit score is, you can request a free copy of your credit score every 12 months from https://www.freecreditreport.com/. If your credit score isn’t as high as you’d like it to be, here are some tips for improving your credit.
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